Filing of tax returns

o    I-T returns should also include wealth tax return so that the taxpayer need not separately file wealth tax returns. These returns should also be processed together in the CPC at Bengaluru.

o    The disclosures in the return should include a brief mention of the issues on which there has been an on-going litigation between the tax administration and the taxpayer, and should indicate the factual and legal position adopted while computing taxable income for a year. This is to protect taxpayers from allegation of non-disclosure, suppression, escapement of income, etc., which often results in the initiation of penal provisions.

o    Taxpayers should give information on their compliance experience at the time of filing returns; this information should be used to improve taxpayer service bringing in customer focus.

o    Territorial jurisdiction should be dispensed with and industry-based assessment should be introduced in line with recommendations in Chapter III of this report.

o    The CBEC should set up centralized processing units in line with the CPC, Bengaluru,
and CPC-TDS at Ghaziabad for processing central excise and service tax returns.

o    There should be a common return for excise and service tax.

o    The CBEC should set up an e-portal and all invoices should be issued from that portal. This portal should be linked and made compatible with SAP ERP systems, which a majority of the companies use for their own invoicing. E-invoice would simplify credit/refund procedures, which would become automatic.

Source- First Report of the Tax Administration Reform Commission (TARC)

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Category : Income Tax (25538)
Type : News (12760)
Tags : Wealth Tax (95) Wealth-tax Act (55)

0 responses to “I-T returns should also include wealth tax returns – TARC”

  1. Sukumar Mondal says:

    I T Returns should be made simple as SARAL. In case of business P/L B/S should be enclosed in pdf format instead of recording datas in Retrun form itself

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